Cloud computing is currently one of the most popular and in-demand industries projected to be worth USD 2,495.2 Billion by 2032. Cloud computing offers various services such as storage, software, databases, servers, and more that have taken the flexibility and productivity of businesses to another level.
Implementing Cloud computing in enterprises assists employees with storage and allows them to store and process their data on cloud servers. In addition, it helps employees with remote work by accessing cloud-based software applications such as Zoom, Slack, and Salesforce, which allow enterprises to conduct meetings remotely. Below, we have mentioned some of the most amazing cloud computing statistics from 2024 to give a clear picture of the impact of cloud computing on today’s world.
Top Amazing Cloud Computing Statistics 2024
- The cloud computing market is expected to reach $680 billion in 2024.
- Around $178 billion of revenue is generated through Cloud infrastructure every year.
- 31% of enterprises have spent about $12 million on the public cloud annually.
- 60% of the data worldwide is stored in the cloud.
- By 2025, 200 ZB of the data will be stored in the cloud.
- About 90% of the large enterprises have implemented multi-cloud infrastructure.
Cloud Computing Market Statistics
Three primary segments contribute to the Cloud Computing Market: Infrastructure as a Service (IaaS), Software as a Service (SaaS), and Platform as a Service (PaaS). The combination of all these three segments allows users to access software, develop new applications, and store data.
Revenue of the Public cloud market globally from 2019 to 2028
The Global revenue in the public cloud sector is expected to witness a massive rise between 2023 to 2028 with an overall rise of around 470 billion U.S. Dollars, increasing 78.32%. In 2028, the revenue is projected to reach a new peak of 1.1 trillion U.S. Dollars.
Here is a breakdown of the revenue in the public cloud market worldwide from 2019 to 2028:
| Year | Revenue in billion U.S. Dollar |
| 2019 | 259.94 |
| 2020 | 316.07 |
| 2021 | 399.6 |
| 2022 | 481.04 |
| 2023 | 595.51 |
| 2024 | 690.35 |
| 2025 | 785.16 |
| 2026 | 876.64 |
| 2027 | 967.92 |
| 2028 | 1,061.87 |
Source: Statista
In 2024, the cloud computing market is expected to reach $680 billion
The global cloud computing market is growing rapidly year after year. By 2024, the market will be worth $680 billion. This includes various services such as software, management, business processes, advertisement, and more services provided by public cloud services.
Public cloud services market size 2017 to 2024
The Public cloud service market is expected to keep growing rapidly. In 2021, the market size reached 412.63 billion; in 2022, the number reached 478.32. Its market size of public cloud services is projected to reach an estimated $679 billion by the end of 2024.
Here is a breakdown of the public cloud services market size from 2017 to 2024.
| Year | Market in billion U.S. Dollars |
| 2017 | 145 billion |
| 2018 | 197 billion |
| 2019 | 243 billion |
| 2020 | 314 billion |
| 2021 | 412.63 billion |
| 2022 | 478.32 billion |
| 2023 | 563.59 billion |
| 2024 | 678.79 billion |
Source: Statista
By 2025, 200 Zettabytes of data will be stored in the cloud
It is no surprise that a large amount of data gets created by humans regularly and with each year passing the number of data created increases. According to a report by Arcserve’s Data Attack Surface, it is projected by Cybersecurity Ventures that by 2025 humans will have 200 ZB of data, and half of that will be saved in the cloud.
In 2023, around $200 billion was forecast to be spent on Software as a Service (SaaS)
SaaS is making about one-third of the total public cloud service spending. Here are the top three areas of total public cloud service spending:
- SaaS – $195 billion
- IaaS – $150 billion
- PaaS – $136 billion
Apparently, $178 billion of revenue is generated through Cloud infrastructure services every year
According to reports, Cloud infrastructure services such as Platform as a Service (PaaS), Infrastructure as a Service (IaaS), and hosted private cloud generated $178 billion yearly. Over $50 billion in sales were generated during the 4th quarter of 2021 alone.
By 2027, the cloud infrastructure worldwide is expected to reach $1.35 trillion
The massive popularity and demand for cloud solutions are expected to grow yearly. According to reports, cloud spending will grow dramatically in the next few years. Currently, Canada, Central and Eastern Europe, and Asia Pacific regions are among the locations with the highest demand for cloud spending. The global cloud infrastructure spending is expected to reach a milestone of $1.35 trillion by the end of 2027.
Infrastructure as a Service (IaaS) segment is projected to expand by 30% in 2024 relative to 2022
In 2024, the Instrasture as a Service (IaaS) within the cloud system will likely grow 30% relative to 2022. Meanwhile, the public cloud system market is projected to witness a growth rate of 20% except cloud business process services (BPaaS), which is projected to see a single-digital growth rate annually.
Cloud Computing is one of the top choices of investment among commercial real estate executives
Deloitte surveyed around 400 commercial real estate executives regarding their interest in which technology they are more likely to invest in. About 36% of commercial real estate executives showed interest in investing in cloud computing. Cloud computing has become a top choice among executives, beating blockchain, data analytics, and artificial intelligence.
The market value of Platform as a Service (PaaS) is likely to reach over $176 billion in 2024
PaaS exhibits a form of cloud computing delivered to consumers by service providers. According to reports, the market value of Platform as a Service (PaaS) is projected to grow and reach $176 billion U.S. Dollars.
In 2023, the cloud application market was valued at more than $150 billion
According to reports, the cloud application market in 2023 had a value of around $150 billion. In 2013, the market was valued at $30.4 billion, and ever since, the cloud application market has witnessed constant growth every year and has been able to cross the 100 billion milestone in 2018. It is also projected the cloud application market will be valued at 168.6 billion by the end of 2025.
33% of the cloud provider market share is owned by Amazon
Since 2017, Amazon has had a strong dominance in the cloud infrastructure market which is higher than Microsoft which owns a market share of about 20%. The list of top market share providers also includes IBM, Google, and Alibaba, which have a market share of less than 10%.
Enterprise Cloud Computing Stats
The combination of three cloud computing segments helps make the organization’s workload more flexible. Various companies worldwide are utilizing this cloud-based software to make their companies more profitable.
Large companies are most likely to invest in multi-cloud infrastructure
Today, a large section of companies and organizations globally are investing in multi-cloud infrastructure and embracing the benefits provided by these technologies. About 76% of enterprises worldwide utilize a multi-cloud operating model with at least one private and one shared cloud. Based on the size of the organizations, large enterprises are most likely (90%) to invest in multi-cloud in comparison to small enterprises (60%) and mid-size enterprises (76%).
About 4 in 5 organizations are likely to utilize a hybrid cloud model
A hybrid cloud model involves a combination of both public and private clouds, and hybrid organizations highly utilize this strategy. About 43% of the organizations use various public and private clouds. Meanwhile, the percentage of organizations likely to use a single public and private cloud is only 11%.
On Average enterprises utilize 2.7 private clouds and 2.6 public clouds
Most enterprises worldwide have accepted hybrid cloud models and are currently ready to expand the usage of the cloud model to make the workspace more flexible and profitable. On average, enterprises utilize 2.7 private and 2.6 public clouds.
44% of small businesses are accessing cloud infrastructure or hosting
Various traditional small businesses are starting to embrace the benefits of implementing cloud computing technology. Less than 44% of traditional small businesses are utilizing cloud infrastructure or hosting compared to tech-based small enterprises and 74% of enterprise organizations.
53% of IT decision-makers have claimed multi-cloud has played a significant role in helping them achieve their desired business goal
The advantages provided by Multi-cloud technology have played a crucial role in helping organizations achieve success worldwide. Most companies are large enterprises that are most likely to see success or benefits while accessing Multi-cloud. However, about 53% of IT decision-makers in companies with more than 100,000 have claimed that multi-cloud has positively impacted the organization and has contributed to achieving their business goals.
51% of the IT decision-makers claim that cost is the largest prohibiting factor in implementing multi-cloud infrastructure
Undoubtedly, implementing multi-cloud infrastructure in the enterprise can help make the workspace more flexible and useful. However, one of the major drawbacks IT decision-makers face while adopting this new technology is the “Cost” of 51%. Apart from cost, there are various other prohibiting factors, such as security issues (47%), complexity (35%), and skills shortage among employees (41%).
Cloud Computing allows 34.7 million Americans to work remotely
One of the biggest advantages of implementing cloud computing in enterprises is “Remote work.” Multiple cloud-based meeting software such as Zoom Meets allows companies to conduct essential meetings between teams with complete flexibility without requiring the employees to be physically present in the office. Around 71% of users have claimed that working from home or remotely has allowed users to be productive and helped improve their mental health.
Conclusion
The benefits provided by Cloud computing have encouraged more and more companies to implement cloud computing services. These technologies play a crucial role in enhancing the enterprise’s operations without worrying about server maintenance, or physical storage and allow users to communicate remotely. The cloud computing industry is expected to keep growing yearly and is projected to reach $680 billion by the end of 2024.
